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What is the total cost of ending inventory according to lifo

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Reference no: EM132915261

The following units of an item were available for sale during the year:

Beginning inventory49 units at $40

Sale40 units at $60

First purchase23 units at $41

Sale16 units at $60

Second purchase23 units at $42

Sale19 units at $61

The firm uses the perpetual inventory system, and there are 20 units of the item on hand at the end of the year.

Problem a. What is the total cost of the ending inventory according to FIFO?

Problem b. What is the total cost of the ending inventory according to LIFO?

Reference no: EM132915261

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